Orlando Real Estate

What are the three most important considerations in buying real estate? Location, location, location. Everyone has heard this old real estate axiom. But why is location so important? Very simply, it is the one thing that you cannot change, in fact you could argue that location is really what you are purchasing when you buy real estate. Yes, the physical improvements to the property, i.e., house, commercial building, etc. add value, but these are all just temporary fixtures. The location of the property itself is permanent, and when you purchase real estate you are buying the rights to that permanent location.

That is why it is so important to consider the location of the property carefully when making a purchasing decision. The more convenient the location is, the more marketable and likely more valuable it will be, now and in the future. When considering residential real estate, you should look at proximity to shopping, access to highways and schools. Also consider aesthetics and amenities associated with the location, like parks and lakes. When considering commercial real estate, access to roads, and convenience to potential customers are key considerations.

A beautiful home in the middle of nowhere is likely far less valuable than an average home located in an A rated school district with convenient shopping and easy access to the expressway. Choosing a good location is not necessarily difficult, but it can easily be overlooked.

I always recommend a local lender to my customers needing a mortgage to purchase a home. There are a few reasons I strongly urge them to work with a local firm. First, the big banks are, in my opinion, horribly inefficient. The loan officer is here, but the processor may be in another state and the underwriter in yet another. Second, because they are often so spread out your loan officer may not even know who will be making the determination on your loan, which means they are constantly coming back to ask for more information from you. Third, the decision about your loan is likely coming from someone who does not know the local market, let alone you or even your loan officer. All of this separation requires strict adherence to policies and procedures, and in my opinion most real estate transactions do not neatly fit into a set of policies and procedures.

A local lender knows you, knows the market, and while they still need to meet Fannie Mae, Freddie Mac, FHA, VA or USDA guidelines they can be more flexible in terms of their own internal policies. In my experience, you don't pay any more for your loan, and you are less likely to get a last minute surprise and far less likely to have delays in your loan process. Please listen to your agent when they make a lender recommendation, and you can still shop around for your mortgage. I just recommend that you work with a local lender. I promise you will be glad that you did.